Analysis of business results & financial statements · Quý 2/2026
▼▼ Declining sharply
Trailing net profit reached 32.0bn, fell 20.3bn compared with the previous quarter. Offsetting pressure came mainly from lower gross profit and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- -1.87x
- P/B
- 0.88x
- EPS
- -3,740
- BVPS
- 7,923
- ROE
- -38.6%
- ROA
- -18.5%
- Market price
- 7,000 20 Oct 2026
The current picture
What Is Changing
On a Năm 2025 basis, MIC posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 2/2026
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q3'24 |
|---|---|---|---|---|---|---|---|
| Revenue | 23.0 | 26.5 | 26.2 | 62.5 | 63.9 | 36.8 | 46.3 |
| LNST | -15.9 | -9.3 | -7.0 | 0.3 | 4.3 | 1.6 | 1.2 |
| Net margin | -69.25% | -35.19% | -26.74% | 0.47% | 6.79% | 4.22% | 2.50% |
Revenue
23bnNet income
-16bnNet margin
-69.25%Inside the statements
A closer look at what is happening inside the business
A company's statements are read with the questions that fit its type of business.
Is the profit sustainable?
Margins are broadly flat — earnings quality is the factor to watch.
What is driving the margin?
●Track net margin changes and the operating components against the same period last year.
None
- Net Margin
- −23.12% −3.8pp
- Gross Margin
- −7.64%
- SG&A / Revenue
- 13.48%
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
●Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 15.2bn against investing cash flow of 0.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +15.2bn. Financing cash flow was negative +11.9bn.
CFO / net income was −1,41 lần.
After spending +7.9bn on fixed-asset investment, the business generated trailing free cash flow of +37.2bn.
Earnings Quality
▲How much income is non-core?
About 92% of pre-tax profit comes from core operations.
Within that, net financial result at +4.1%, other profit at +4.0% of PBT.
- Non-core / PBT
- 8.2% low
- Net financial / PBT
- 4.1%
- Other profit / PBT
- 4.0%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC currently stands at −24.82%. Track NOPAT margin and capital turnover to assess capital efficiency.
None
ROIC is currently −24.82% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
●Track receivable, inventory, and payable turns to judge working-capital efficiency.
Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 0.27x and interest coverage only at −11.06x.
At present, short-term debt accounts for 66.5% of total debt, cash equals 12.6% of debt, and total debt stands at 21.2bn.
- Net Debt / Equity
- 0.27x −0.35x
- Interest Coverage
- −11.06x
- Cash / Debt
- 12.6% +9.7pp
- Short-term Debt / Total Debt
- 66.5% −32.0pp
TTM YoY · 2025Q2 -> 2026Q2
Interest coverage is −11.06x, leaving limited room to absorb financing costs.
Short-term debt accounts for 66.5% of total debt, raising near-term refinancing needs.
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 0.62x equity, net debt at 0.27x equity.
None
Over the last 12 months, working capital released 82.4bn of cash, mainly thanks to lower receivables and lower inventories.
In summary
Research synthesis
What this reporting period is showing
The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with capital efficiency remains weak remaining the main constraint, with ROIC at −24.8%. The next watchpoint is effective tax rate looks unusual, with effective tax rate at 0.4%.
- Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −17,8% YoY decline or keeps falling.
Whether margins hold around the current 0.77% level or narrow again.
Whether operating cash flow holds its 15.2bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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among the rest of your investments?
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How much does this stock
contribute to the portfolio?
Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
What other opportunities
or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.